Dan Vittone and Alan Pekarcik of Voit’s Irvine office represented both buyer and seller in a 285,368 square-foot office sale in Commerce, Calif.
Commerce, CA – January 31, 2012 – (RealEstateRama) — Voit Real Estate Services’ Irvine office has successfully completed the sale of Commerce Office Park, a 285,368 square-foot institutional quality office campus located at 4900, 5500, 5700 and 5770 South Eastern Avenue, and 5801 East Slauson Avenue in Commerce, Calif. This Class A, five-building office property is situated on six separate parcels in the Los Angeles Basin.
Dan Vittone, Senior Vice President, SIOR and Alan Pekarcik, Executive Vice President, SIOR, in Voit’s Irvine office represented the seller, Thompson National Properties on behalf of the tenant-in-common owners of record, and the buyer, Omninet Commerce, LP. Kevin Shannon, Scott Schumacher and Ken White of CBRE and Tom Sheets of Cushman & Wakefield also represented the seller.
“Commerce Office Park was 90 percent leased at the time of this sale, predominantly to departments of LA County and the State of California,” said Vittone. “This investment offers the buyer the ability to increase rents over time and potentially sell off the 5 buildings individually as they are each situated upon their own parcel.”
The Commerce office submarket is approximately 1.1 million square feet, and has had no speculative office construction since 1991, according to Vittone. Commerce Office Park is located on the corner of S. Eastern and E. Slauson Avenues, and has access to a number of major Los Angeles freeways including the Long Beach I-710, Santa Ana I-5, SR- 60, San Gabriel I-605 and Century I-105 freeway.
“Commerce Office Park is the newest addition to Omninet Capital’s office portfolio in Los Angeles and ends the 2011 year with over $200 Million in commercial acquisitions,” said Michael Daniel, a Partner at Omninet Capital.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
About Omninet Capital
Omninet Capital, LLC is a private investment firm acquiring commercial real estate and investing in late stage venture capital. Omninet’s principals were instrumental in the creation of Qualcomm, a leader in wireless communications, providing the foundation for the firm’s proactive investment management style. For more information, please visit http://www.omninet.com.
Contact:
Judith Brower
Brower, Miller & Cole
(949) 955-7940
JBrower (at) browermillercole (dot) com
